Traditional Glazing and Joinery Ltd - Period Ending 2018-01-31
Traditional Glazing and Joinery Ltd - Period Ending 2018-01-31
Registration number:
Traditional Glazing and Joinery Ltd
for the Year Ended 31 January 2018
Chartered Certified Accountants
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY
Traditional Glazing and Joinery Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Traditional Glazing and Joinery Ltd
Company Information
Director |
Mr Andrew Charles Baker |
Registered office |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Traditional Glazing and Joinery Ltd
for the Year Ended 31 January 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Traditional Glazing and Joinery Ltd for the year ended 31 January 2018 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Traditional Glazing and Joinery Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Traditional Glazing and Joinery Ltd and state those matters that we have agreed to state to the Board of Directors of Traditional Glazing and Joinery Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Traditional Glazing and Joinery Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Traditional Glazing and Joinery Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Traditional Glazing and Joinery Ltd. You consider that Traditional Glazing and Joinery Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Traditional Glazing and Joinery Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
Bridport Road
Poundbury
Dorset
DT1 3QY
Page 2 |
Traditional Glazing and Joinery Ltd
(Registration number: 08372318)
Balance Sheet as at 31 January 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr Andrew Charles Baker
Director
Page 3 |
Traditional Glazing and Joinery Ltd
Notes to the Financial Statements for the Year Ended 31 January 2018
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
The principal place of business is:
2 Orchard Lane
Kingsbury Episcopi
Martock
Somerset
TA12 6BA
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% reducing balance |
Office equipment |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 4 |
Traditional Glazing and Joinery Ltd
Notes to the Financial Statements for the Year Ended 31 January 2018
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 5 |
Traditional Glazing and Joinery Ltd
Notes to the Financial Statements for the Year Ended 31 January 2018
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 February 2017 |
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At 31 January 2018 |
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Depreciation |
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At 1 February 2017 |
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Charge for the year |
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At 31 January 2018 |
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Carrying amount |
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At 31 January 2018 |
- |
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At 31 January 2017 |
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Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
2018 |
2017 |
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Trade debtors |
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- |
Total current trade and other debtors |
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- |
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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- |
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Other creditors |
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Page 6 |
Traditional Glazing and Joinery Ltd
Notes to the Financial Statements for the Year Ended 31 January 2018
Related party transactions |
Transactions with directors |
2018 |
At 1 February 2017 |
Advances to directors |
Repayments by director |
At 31 January 2018 |
Mr Andrew Charles Baker |
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The director maintains an interest free loan account wth the company which is repayable on demand |
26,314 |
( |
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2017 |
At 1 February 2016 |
Advances to directors |
Repayments by director |
At 31 January 2017 |
Mr Andrew Charles Baker |
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The director maintains an interest free loan account wth the company which is repayable on demand |
14,773 |
( |
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Directors' remuneration
The director's remuneration for the year was as follows:
2018 |
2017 |
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Remuneration |
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Page 7 |